If you’ve been hurt in a car accident in Pembroke Pines, Florida and have been awarded a settlement, there may be several options available to you regarding how you may be able to receive this settlement award. You may have a couple options when it comes to receiving your settlement. You may be able to receive a structured settlement (in which your settlement amount will be paid over time) or you may be able to receive a lump sum settlement, in which your settlement will be paid at once. Which choice is best for you? The way you’ll receive your personal injury settlement will depend on the value of your settlement, your ongoing needs, and your financial plans.
What is a structured settlement? With a structured settlement, the negligent party responsible for your accident pays the settlement amount into an annuity, and then you’ll be paid periodically from this arrangement. Individuals who stand to receive a structured settlement can arrange to receive payments twice a month, or once a month. How much you’ll receive each month will depend on your lump sum settlement amount, how long you want to receive payments, and how often the payments will be disbursed. For individuals receiving a significant settlement designed to help them cover life expenses for a serious injury, a structured settlement can offer victims the peace of mind of regular payments to cover expenses and costs. A structured settlement can also help families who are concerned about spending through a settlement too quickly, particularly if the settlement is designed to cover wages lost due to disability or serious injury.
Victims of serious accidents suffering from spinal cord injury or traumatic brain injury may no longer be able to work, may face the need for life-long nursing care, or may require ongoing medical and rehabilitation treatment. These families may receive substantial personal injury settlements. Managing this money is important to ensure it can support your loved one for a lifetime or for as long as possible. A structured settlement may be able to help you and your family plan for the long-term. However, a structured settlement is not the only option. Some families choose to receive the lump sum payment and then place the money in a trust or in an investment. Yet, if you choose to do this, it is important to speak to a financial advisor you trust, because the markets can be volatile and you don’t want to put money in high-risk investments, especially if the money is designed to cover a disabled loved one’s living expenses.
The Law Offices of Oscar Syger is a personal injury law firm in Pembroke Pines, Florida that works with victims and families who have been seriously hurt in car accidents. Our lawyers can evaluate your case to help you understand the next steps you can take. And we can work with you and your family to help you get the settlement you may deserve under the law. Reach out to our law firm today or connect with USAttorneys.com to get matched with the personal injury lawyer at the Law Offices of Oscar Syger today.